April 15, 2024

Video-on-demand market will exceed $276.7 billion by 2030 due to proliferation of high-speed Internet and increasing mobile device penetration

SNS Insider pvt ltd

According to SNS Insider research, the growth of the video-on-demand market is a multifaceted phenomenon driven by technological advancements, changing consumer behaviors, and strategic business innovations.

Pune, January 15, 2024 (GLOBE NEWSWIRE) – He Video on demand marketplaceAccording to SNS Insider report, it was valued at $74.62 billion in 2022 and is projected to reach $276.70 billion by 2030, exhibiting a strong compound annual growth rate (CAGR) of 17.8 % during the forecast period of 2023 to 2030.

Market overview

Video on Demand (VoD) is a revolutionary technology that allows users to access and watch video content at their convenience. Unlike traditional broadcast television, where viewers are tied to schedules, VoD allows people to choose and watch their preferred content whenever and wherever they want. This on-demand accessibility has transformed the way people consume video entertainment, offering a vast library of movies, television shows, documentaries and other visual content. With the rise of high-speed Internet and advanced streaming platforms, video on demand has become a dominant force in the entertainment industry.

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Market analysis

The video on demand market is experiencing solid growth, driven by several key factors. First, the subscription-based segment has become a powerhouse, attracting a large user base willing to pay for premium content. Subscription models offer exclusive access to a wide range of content, creating a reliable revenue stream for service providers. Additionally, the media segment, which includes advertising-supported models, has gained traction as advertisers recognize the potential of reaching a highly engaged audience. These two segments, subscription-based and media, are poised to dominate the market, driving its continued expansion. Major VOD platforms are aggressively pursuing global expansion strategies. By entering new markets and catering to diverse cultural preferences, these platforms access previously untapped audiences. Strategic partnerships and collaborations with local content producers further contribute to the global footprint of VOD services.

The main actors listed in this report are:

Scope of the Video on Demand Market Report:

Report attributes

Details

Market size in 2022

74.62 billion dollars

Market size by 2030

276.70 billion dollars

CAGR

CAGR of 17.8% from 2023 to 2030

Base year

2022

Forecast period

2023-2030

Historic information

2019-2021

Key regions/country

North America (United States, Canada, Mexico), Europe (Eastern Europe) [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe]Germany, France, United Kingdom, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East and Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]Africa [Nigeria, South Africa, Rest of Africa]Latin America (Brazil, Argentina, Colombia Rest of Latin America)

Analysis of market dynamics

The dynamics of the video on demand market are undergoing a profound transformation, shaped by a confluence of factors, constraints, challenges and threats. On the driver’s side, ever-expanding digital infrastructure and the ubiquity of high-speed Internet have fueled the proliferation of VOD services. Consumers are increasingly demanding on-the-go access to a wide range of content, driving the growth of streaming platforms. Furthermore, the increase in the production of original content by streaming giants and the appeal of exclusive titles have contributed significantly to the increase in VOD consumption. However, this upward trajectory is not without restrictions. A major challenge is market saturation, with a large number of streaming services competing for consumers’ attention. This saturation can lead to subscription fatigue, as users may find it overwhelming to manage multiple subscriptions.

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Video on Demand Market Segmentation:

By component

  • Solutions

    • Pay TV

    • IPTV

    • Exaggerated services

  • Services

By monetization models

  • Subscription based

  • Based on advertising

  • Transaction-based

  • Others

By industry verticals

Key regional developments

The video on demand market shows diverse dynamics in all regions. In developed markets, such as North America and Europe, high Internet penetration and technological infrastructure drive substantial growth. Meanwhile, in emerging markets such as Asia-Pacific and Latin America, growing smartphone adoption and improving Internet accessibility are contributing to market expansion. Regulatory landscapes, cultural preferences and economic factors also play crucial roles in shaping regional dynamics, emphasizing the importance of a nuanced approach for market participants.

Impact of recession on video-on-demand market growth

The video-on-demand market has proven to be resilient even in the face of economic crises. During recessions, consumer priorities may change and discretionary spending on entertainment could suffer. However, VoD services, particularly subscription-based models, have the advantage of offering diverse and cost-effective content options compared to traditional cable or satellite services. As consumers seek more value for their entertainment spending, Video on Demand platforms may witness increased adoption during economic challenges. The ability to address changing consumer preferences and economic conditions positions the VoD market as a flexible and adaptable industry in the face of recessionary pressures.

Key takeaways from the video on demand market study

  • The subscription-based segment has become a powerhouse within the market, driven by evolving consumer preferences and the convenience it offers. The rise of subscription streaming services has transformed the way audiences consume content, with platforms like Netflix, Hulu and Disney+ leading the way.

  • The media segment of the video-on-demand market is experiencing strong growth driven by increasing demand for exclusive and original content. Content creators, including traditional media companies and digital studios, are investing heavily in producing high-quality original programming to capture audiences’ attention.

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Recent developments

  • BookMyShow, India’s leading online ticketing platform, has recently expanded its portfolio with the launch of a transactional video-on-demand platform called ‘BookMyShow Stream’. This development marks a significant shift for the company, expanding its reach beyond event ticket sales to serve the growing demand for digital content consumption.

  • Amazon India has introduced a revolutionary feature within its shopping app: a free video streaming service. This strategic integration of shopping and entertainment aims to improve the overall user experience by providing seamless access to a wide range of content.

Table of Contents: Main Key Points

1. Introduction

2. Research methodology

3. Market dynamics

4. Impact analysis
4.1 Impact of the war between Ukraine and Russia
4.2 Impact of the recession

5. Value chain analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Segmentation of the video on demand market, by component

9. Segmentation of the video on demand market, by monetization models

10. Segmentation of the video on demand market, by industry verticals

11. Regional Analysis

12. Company profile

13. Competitive landscape

14. Use cases and best practices

15. Conclusion

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